22 questions every entrepreneur should ask themselves before starting a business
How do you define success and what are you hoping to achieve from your business? (Hint: Some entrepreneurs want to grow a business quickly and sell it; others want to start something and make it big; others want to start something that replaces their current income).
What groups of people do you know really well? (Hint: You are probably in most of those groups; they could be divided by demographic, hobbies and interests, work-related issues, etc.)
Within these groups, what problems exist or what needs are there?
Among the problems or needs you’ve identified, what are the solutions that are commonly used?
Who provides these solutions currently, how do they deliver them, and what do they charge?
From your list of solutions, what interests you most or what could you spend hours each day doing? (Hint: Entrepreneurs need to love what they do to help sustain them through some of the more difficult times)
From your list of solutions that interest you, what can you do better than others? (Hint: If you bring the same solution to market that someone else has, you’ll end up competing against someone else on price. However, if you bring a solution to market that is creative and different, you’ll have a far better chance of survival)
How will you make money from this core product/service? (Hint: What is it that people will actually be buying from you? Some kind of product? A service?)
How many do you need to sell each month to earn the income you desire to earn?
What will your income, expenses, and profit be per unit sold? (Hint: You’ll have to determine what a unit is. It could be the product itself. It could be per-page or even per-word if you’re a writer or it could be per-hour if you’re a coach).
How will you find an audience to listen to you?
How will you generate leads from that audience?
How will you qualify those leads to become prospects?
How will you present your product/service to your prospects?
How will you deliver your product/service?
How will you make sure your customers are happy?
How will you get more sales from existing customers?
How will you get your existing customers to tell others about you?
How will you do these same successful practices over and over and over and over, consistently and with excellence?
How will you stay current to the evolving needs of your market?
What will you do if disaster strikes or if your business is not as successful as you’d like?
What will you do with your business once it is successful?